Just to be clear, "passing through" DTS, DTS-MA, Dolby Digital, and Dolby TrueHD (among a few other formats) is called bitstreaming. If you have bitstreaming disabled, MC outputs PCM (which is decoded, full-quality audio like a wav file).
It doesn't make any difference "quality wise" if you have MC decode the TrueHD stream (thereby sending PCM to your receiver) or if MC passes through the TrueHD stream (which is
called bitstreaming) and then your receiver decodes it to TrueHD. So long as both do a competent job decoding the format (which MC does, I can't speak to your receiver), then you end up with the same result.
However, if you let MC do the decoding:
1. It is easier and often less trouble-prone.
2. It allows MC to apply room correction and other DSP effects to the audio. When you bitstream, it is not decoded at all, so MC can't apply any of its smarts.
3. MC generally does a better job with audio/video sync than your receiver will (and it has more tools to do so, with the processing power of a modern PC at its disposal).
If you let your receiver do the decoding:
1. It will light up the pretty light on your receiver.
Up to you. I've actually waffled back and forth, but only for convenience purposes.
dtsdecoderdll.dll present or not.
That dll is only required to support DTS-MA decoding from within MC. It has nothing to do with Dolby's format, which MC supports natively.